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With the conclusion of the five-day 3rd Northeast Asia Investment and Trade Expo in the capital of northeast China's Jilin Province on Thursday, contracts of foreign investment worth 25 billion yuan (3.3 billion U.S. dollars) were signed during the Expo.
The figure was 11.8 billion yuan (1.6 billion U.S. dollars) more than that secured during the 2nd Expo in 2006.
A new round of investment surge seems ready to sweep over the relatively underdeveloped northeast China, with good prospects presented following the official announcement of the country's revitalizing plan in the region on Aug. 20.
Many overseas businesses that attended the Expo indicated increasing interest in investing in northeast provinces, which were once left behind as investors swarmed into the country's coastal areas.
Yang Tianpei, chairman of Malaysia-China Chamber of Commerce who headed a delegation of 10 enterprises to the Expo, said more business opportunities have emerged in the region, other than cooperation in farm produce processing.
The northeastern region will be built into a major powerhouse for economic growth, an internationally competitive manufacturing hub, a national source of raw materials and energy, and an important base of grain and farm produce, according to the plan.
The revival plan was welcomed by bordering Northeast Asian countries. Nakata Yoshio, chairman of the Japan Association for the Promotion of International Trade, said at the Expo China's rejuvenating plan would boost the development of the region and make it a good platform for Japan to connect with other countries in the far east region.
The northeast industrial bases have been put on track of faster development in recent years since the revitalizing plan was initiated in 2003.
Statistics show the growth rates of gross domestic product in northeast China are registered at 12.3 percent, 12 percent and 13.48 percent for three years starting from 2004, well above the national average.
The opening up of the northeast region has accelerated in recent years, and the region is gradually catching up with coastal areas in terms of investment environment, said Huang Deyin, president of Amway China, who visited the Expo for the first time.
The confidence of foreign investors was on the rise, too. Foreign investment in the region increased by 51.7 percent, 89.5 percent and 48.3 percent year on year between 2004 and 2006, according to the Office of the Leading Group for Revitalizing Northeast China and Other Old Industrial Bases of the State Council.
Experts said future foreign investment would be directed to such areas as high-tech industries, equipment manufacturing, modern agriculture, service sector, infrastructure and environmental protection, as stated in the plan.
The Chinese government plans to rejuvenate the rusty belt in 10 to 15 years. Per capita GDP in the region is expected to reach 21,889 yuan (2,903 U.S. dollars) in 2010, up from 15,318 yuan (2,032 U.S. dollars) in 2005.
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